Lease vs. Finance a Used Car | Pre-Owned Car Sales near Denver

Should I Buy or Lease My Next Vehicle?

Not sure if Leasing or Buying a vehicle is right for you? Most people are more familiar with the car buying process vs. the leasing process. Leasing generally appeals to people who use cars for business, need a car for a limited period of time or trade in their cars at regular intervals. Below find an easy to read chart that helps to explain the differences. We've also provided a payment calculator to the right to help you figure out monthly payments for either leasing or buying your next car.

Buying a Car

Monthly payments are applied to purchase of vehicle
Monthly payments include financing charges
Down payment usually is required
When the car loan is paid, you own the car
You can modify your car any way you want such as painting, accessories, etc.
No mileage restrictions; however, higher mileage reduces the trade-in value of the car
Car loans usually extend past the warranty period, so you'll be responsible for repairs
Although you have maintenance and upkeep requirements, performing routine tasks is a good idea

Leasing a Car

Monthly payments are applied to depreciation, not the purchase price of the vehicle
Monthly lease payments are significantly lower than car loan payments
A down payment often isn't required
After the lease period is over, you need to lease another vehicle
Exiting the lease early may require a payment of any remaining balance - Early termination penalties vary
You must predetermine how many miles you drive per year
Your vehicle usually is covered by the manufacturer's warranty for the duration of your lease
You have to pay for any excess wear and tear and any mileage that goes over the pre-determined amount identified

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Lease vs. Finance